Lake Winn increases private placement to $300,000

Lake Winn Resources Corp. (LWR) announced an upsized non-brokered private placement of up to 5 million units for $300,000, increasing from the original 3 million units for $180,000. Each unit consists of one common share and one-half of one common share purchase warrant, exercisable at $0.10 per share for 60 months from issuance.

The company concurrently announced a separate, future non-brokered private placement of up to $3 million to finance the acquisition of the Silver Switchback copper-silver project in British Columbia and the 2026 exploration program at the Little Nahanni Pegmatite Group (LNPG). The Silver Switchback option requires 2.8 million common shares and $435,000 in cash payments scheduled over 44 months. Closing of the option acquisition is strictly conditional on the closing of the $3 million offering and receipt of TSX Venture Exchange approval.

Lake Winn Resources Corp. (LWR) has completed a $300,000 upsized placement, a transaction the company describes as immaterial to its operational footprint but indicative of its continued reliance on equity markets to fund working capital. The primary financial catalyst remains the announced $3 million future placement, which is necessary to exercise the Silver Switchback option and fund a planned $1.6 million exploration program at LNPG.

The transaction is highly dilutive. Issuing 2.8 million shares for the option plus up to 3 million units for the $3 million placement (assuming a similar price point) will significantly increase the share count.

The news is a direct follow-up to the June 9, 2026 comprehensive update, which already outlined the $3 million offering and the Silver Switchback option. Therefore, it is expected and incremental rather than a surprise. No material positive or negative deviation from prior expectations is noted; the company is executing on its stated capital raising plan.

Lake Winn Resources Corp. is an exploration-stage company focused on critical and base metals. Its flagship asset is the Little Nahanni Pegmatite Group (LNPG) in the Northwest Territories, a 100%-owned LCT pegmatite system targeting lithium, tantalum, tin, and cesium. Historic drilling and 2023 sampling have identified high-grade spodumene-bearing dykes with up to 3.52% Li2O.

The company also holds the Silver Switchback copper-silver project in British Columbia, acquired via an option agreement. 2022 drilling at this site intersected significant silver and base metals, including 7.0m at 20.8 g/t Ag. Lake Winn Resources Corp. is pivoting its focus from gold properties to critical minerals, a shift accompanied by a proposed name change to Northern Critical Minerals Ltd.